NEW YORK (TheStreet) -- Wall Street strategists are feeling bearish about the 2016 fourth quarter and are not expecting the typical holiday rally. The fourth quarter is usually the best of the year for the S&P 500.
Bloomberg surveyed Wall Street strategists on a number of topics including the election, interest rates and valuations, and they proved to be reasons for the gloomy sentiment.
Nineteen of the strategists that Bloomberg surveyed are expecting the S&P to end 2016 at 2,171, just 0.6% over where the index was trading earlier Friday morning.
"Sell in May and go away wasn't quite the case this quarter," BloombergTV's Vonnie Quinn said when talking about the third quarter. She was joined by Bloomberg stock reporter Oliver Renick, who spoke about the most recent and the upcoming quarter.
"It was very much buy in May and just hold on for the ride, and bear through all the Brexit and all that stuff," Renick said. "After February we got up pretty high and then it was a little bit of flatness and then it didn't really go anywhere. We had a very fast rebound though from those two days of selling [after] Brexit."
"There was this period we went in for about of 12 of 13 trading sessions. The S&P 500 up until a few days ago was trading above its 100 day moving average, but below its 50 day moving average, which very rarely happens," he went on to say.
Looking ahead there is still some hesitation, Renick pointed out. Those strategists that Bloomberg had surveyed are calling for the market to be flat until the end of the year.
"So it doesn't look like anything, according to them, is going to be changing dramatically right now," he concluded.